A New Era of Legal Advisor
ABOUT THE REPORT
Lede
FTI Consulting partnered with the Association of Corporate Counsel Singapore (“ACC Singapore”) to survey general counsel and senior in-house counsel across Asia.
The 2024 In-House Counsel Report identifies the key challenges, focus areas and opportunities for in-house counsel in the region.
95%
of in-house legal in Asia are using generative AI in some capacity for legal tasks, but almost two-thirds (65%) say their company has not provided sufficient guidance for the use of generative AI.
58%
said that their company has planned for disruption to operations as a result of geopolitical tension.
64%
Almost two-thirds (64%) agree that their company is not doing enough to proactively reduce cybersecurity risks.
Page 1
Generative AI
Page 2
Cybersecurity
Page 5
Geopolitics and Sanctions
Page 3
Regulatory Scrutiny
Page 4
Investigations
Asian General Counsel and in-house legal play an increasingly vital role that is both tactical and strategic to meet the multiform challenges faced by today’s companies. While motivating and marshalling their teams, they must confront immediate challenges and crises and, simultaneously, help firm leadership to navigate a longer-term course.
Generative AI – When Opportunity Precedes Risk Assessment
General Counsel Views…
Methodology
This research was conducted online by FTI Consulting’s Strategy and Research team from 16th to 28th November 2023 with 160 senior legal professionals and General Counsel in companies across Asia, representing a total combined global turnover of over USD30 billion. In-person interviews with General Counsel were conducted in parallel with this research.
Use Cases
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Testimonials
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For further details on the survey, please contact our experts or download the full report.
Discover the strategies and tactics senior finance executives are undertaking during this time of economic uncertainty – read the full survey report for more.
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2024 Asia In-House Legal Landscape
ABOUT THE REPORT
KEY PRIORITIES
Despite ongoing skepticism in the market, legal teams in Asia appear to be ready to experiment with cutting-edge technology for a wide range of use cases.
CFOs should consider using profitability analytics to identify specific, targeted opportunities that sustainably grow profitability and areas for potential improvement or elimination. A “profit cube” is one approach that provides a view of where a company does and does not make money to take necessary actions.
Download the report
January 30, 2023
2024 In-House Counsel: Perspectives from Asia
An FTI Consulting and Association of Corporate Counsel (ACC) Singapore Report
Download the Full Report
Transparency into profitability using analytics is a rising priority for CFOs.
David White
Senior Managing Director
Office of the CFO Solutions West Leader
david.white@fticonsulting.com
gina.gutzeit@fticonsulting.com
Gina Gutzeit
Senior Managing Director
Office of the CFO Solutions Global Leader
Key Contacts
Top 3 Challenges for CFOs
Turnaround and Restructuring
Our senior professionals help drive successful turnarounds ensuring enhanced value at every stage.
Strategic Financial Communications
A World Economic Forum report found that the average annual cost of cyber crime globally is expected to increase from $8.4 trillion in 2022 to more than $23 trillion in 2027. However, Asia is experiencing a significant increase in cyber attacks compared with global counterparts.
93% of respondents reported that their company has planned for disruption to operations as a result of geopolitical tension
A majority of respondents (78%) say their company outsources counsel on geopolitics and sanctions.
"Everyone is trying to grapple with AI,” says one general counsel. “There is a focus on the best solutions of those out there. If you can be more productive through AI, that’s a big win. Everyone is looking at how it can help in-house legal teams.”
Japan, China and Indonesia were highlighted as the countries presenting significant challenges when addressing changing regulations
Anna Bleazard
Senior Managing Director
anna.bleazard@fticonsulting.com
gino.bello@fticonsulting.com
Gino Bello
Senior Managing Director
Key Contacts
1
2
This research was conducted online by FTI Consulting’s Strategy and Research team from 16th to 28th November 2023 with 160 senior legal professionals and General Counsel in companies across Asia, representing a total combined global turnover of over USD30 billion. In-person interviews with General Counsel were conducted in parallel with this research.
David White
Senior Managing Director
Office of the CFO Solutions West Leader
david.white@fticonsulting.com
gina.gutzeit@fticonsulting.com
Gina Gutzeit
Senior Managing Director
Office of the CFO Solutions Global Leader
Key Contacts
David White
Senior Managing Director
Office of the CFO Solutions West Leader
david.white@fticonsulting.com
gina.gutzeit@fticonsulting.com
Gina Gutzeit
Senior Managing Director
Office of the CFO Solutions Global Leader
Key Contacts
Financial Performance
A Hybrid Workforce
CFO Finance Focus
3
North America Highlights
EMEA Highlights
APAC Highlights
Sean Lam
Senior Managing Director
sean.lam@fticonsulting.com
Eva Kwok
Senior Managing Director
eva.kwok@fticonsulting.com
sally.peng@fticonsulting.com
Sally Peng
Senior Managing Director
Greg Hallahan
Senior Managing Director
greg.hallahan@fticonsulting.com
72%
of companies plan on investing in new technologies to improve defensibility in the next 12 months
61%
While 61% of respondents in Asia were “very confident” in their company’s ability to ‘proactively prepare for emerging legal risks that may occur’, only 47% felt they could effectively respond to legal incidents that have occurred.
45%
Almost half (45%) of companies in Asia do not have a specific third-party risk assessment to capture security and operational risk concerns for new technologies.
56%
More than half of respondents (56%) cited data protection as the biggest issue that they expect to have a regulatory impact on their company in the next 12 months.
Almost two-thirds (64%) of respondents agree that their company is not doing enough to proactively reduce cybersecurity risks. However, when it comes to outside parties, 97% of respondents say they are very confident or quite confident they understand their company’s third-party cybersecurity risk and the implications should a connected entity suffer an incident.
Cybersecurity – Keeping Up Pace
Across Asia, there has been a surge in regulatory developments aimed at combating financial crime, specifically focusing on anti-money laundering ("AML") and counter-terrorist financing ("CFT") activities. Enforcement efforts are intensifying in the region, necessitating a proactive approach from in-house legal teams to avoid penalties.
Regulatory Scrutiny – Predicting the Next Steps
Investigations feature as a key component of the in-house counsel role in Asia, 28% of respondents have faced some form of investigation or regulatory scrutiny in the past 12 months.
Investigations – A New Era
Navigating the challenges of geopolitics and sanctions has become increasingly important for companies and their in-house legal teams. For in-house counsel in the Asia region, the potential extra-territorial effects of these issues add to the complexities.
Geopolitics and Sanctions – A Global Perspective
Anna Bleazard
Investigations & Financial Crime Compliance
Senior Managing Director
anna.bleazard@fticonsulting.com
Greg Hallahan
Risk Advisory & Investigations
Senior Managing Director
greg.hallahan@fticonsulting.com
gino.bello@fticonsulting.com
Gino Bello
Investigations & Technology
Senior Managing Director
Sean Lam
Risk Advisory & Investigations
Senior Managing Director
sean.lam@fticonsulting.com
Eva Kwok
Cybersecurity
Senior Managing Director
eva.kwok@fticonsulting.com
sally.peng@fticonsulting.com
Sally Peng
Export Controls, Sanctions & Trade
Senior Managing Director
Nearly half (49%) of the companies surveyed have felt pressure from investors to make a public statement on political or cultural issues.
Almost two-thirds of respondents (65%) report that their company has not provided sufficient guidance for the use of generative AI.
APAC Highlights
Regulation related to data protection is projected to have the most impact on organisations across Asia in the next 12 months.
survey FINDINGS
Sandeep Jadav
Technology
Senior Managing Director
sandeep.jadav@fticonsulting.com
A TRUSTED ADVISOR
61%
While 61% of respondents in Asia were “very confident” in their company’s ability to ‘proactively prepare for emerging legal risks that may occur’, only 47% felt they could effectively respond to legal incidents that have occurred.
45%
Almost half (45%) of companies in Asia do not have a specific third-party risk assessment to capture security and operational risk concerns for new technologies.
56%
More than half of respondents (56%) cited data protection as the biggest issue that they expect to have a regulatory impact on their company in the next 12 months.
88%
believe that their executive leadership team should seek their input on business decisions more regularly
Cybersecurity – Keeping Up Pace
Almost two-thirds (64%) of respondents agree that their company is not doing enough to proactively reduce cybersecurity risks. However, when it comes to outside parties, 97% of respondents say they are very confident or quite confident they understand their company’s third-party cybersecurity risk and the implications should a connected entity suffer an incident.
Regulatory Scrutiny – Predicting the Next Steps
Across Asia, there has been a surge in regulatory developments aimed at combating financial crime, specifically focusing on anti-money laundering ("AML") and counter-terrorist financing ("CFT") activities. Enforcement efforts are intensifying in the region, necessitating a proactive approach from in-house legal teams to avoid penalties.
Investigations – A New Era
Investigations feature as a key component of the in-house counsel role in Asia, 28% of respondents have faced some form of investigation or regulatory scrutiny in the past 12 months.
Geopolitics and Sanctions – A Global Perspective
Navigating the challenges of geopolitics and sanctions has become increasingly important for companies and their in-house legal teams. For in-house counsel in the Asia region, the potential extra-territorial effects of these issues add to the complexities.
APAC Highlights
Almost two-thirds of respondents (65%) report that their company has not provided sufficient guidance for the use of generative AI.
APAC Highlights
Nearly half (49%) of the companies surveyed have felt pressure from investors to make a public statement on political or cultural issues.
In Asia, in-house legal counsel don’t always have a seat at the table with the global leadership team. However, as regulations increase in the region, we expect more senior GC being situated in Asia getting a seat at the table.”
Attracting talent is difficult depending on jurisdictions. We try to keep up with the pace of business change and put a strong emphasis on learning about different parts of the business by having monthly training to understand the different areas.”
As the leader of a large team in Asia, we are currently in a period of recession, yet unemployment is low. My role includes helping the company grow and become more profitable.”
